Dubai – Mubasher: Union Properties logged net profits valued at AED 34.77 million in the first half (H1) of 2024, doubling its profits compared to AED 17.71 million in H1-23.

Revenues from contracts with customers hiked year-on-year (YoY) to AED 265.78 million in H1-24 from AED 240.84 million, according to the financial results.

Basic and diluted earnings per share (EPS) hit AED 0.008 as of 30 June 2024, marking an annual growth from AED 0.004.

The company registered total assets amounting to AED 4.55 billion in H1-24, down from AED 4.77 billion at the end of December 2023.

Income Statements for Q2

In the second quarter (Q2) of 2024, the profits jumped to AED 18.29 million from AED 5.41 million in Q2-23, while the revenues climbed by 7.60% to AED 127.67 million from AED 118.70 million.

Meanwhile, the basic and diluted EPS stood at AED 0.004 in Q2-24, up from AED 0.001 a year earlier.

Quarterly, the net profits registered in Q2-24 jumped from AED 16.47 million in the January-March 2024 period.

Accumulated Losses

During the first six months (6M) of 2024, the company registered accumulated losses valued at AED 2.07 billion, accounting for 48.30% of the capital.

Amer Khansaheb, CEO and Board Member at Union Properties, said: “The remarkable second quarter financial results, fuelled by high property sales and Dubai’s real estate market uptrend, reflect our dedication to excellence and strategic growth.”

Khansaheb added: “With visionary leadership and an innovative strategy, we aim to solidify our position in the UAE’s Real Estate sector and to launch projects worth AED 5 billion in the short to medium term.”